Mortgages

M

mgabriel01

I have a side business as a mortgage broker (mostly A paper)

and I'll tell you what

looking at the vendor rate sheets - it reminds me alot of 2000/2003 when rates fell dramatically

all the big guys rates are dropping repeatedly
Wells
Citi
Wahcovia
BOA

and the brokers are sending out messages to employees saying:

refi boom in the making - check the registers of deeds and cold call anyone who signed a loan in 06 or 07 --- they are candidates for refis - bigtime

just an observations.........
 
Nice rate........only issue is every house in town is worth less than last year.....my 20% equity is now 0%......neighbours 39% equity is now 19%......:(

Should add PMI is dead. Bank isn't interested in less than 20%down.
 
Quote from Trendytrader:

Nice rate........only issue is every house in town is worth less than last year.....my 20% equity is now 0%......neighbours 39% equity is now 19%......:(

Should add PMI is dead. Bank isn't interested in less than 20%down.
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Genworth has virtually no exposure to subprime loans -- their CEO is an old school conservative type ---

and the big 3 have not raised rates
they are also still insuring 97's --- I just wrote one yesterday
 
Why would someone use a mortgage broker? No offense, I have just always wondered that.

I'm an originator and counselor, and I have brokers call me from time to time, but always wondered why the buyer doesn't just call us directly. Many buyers/borrowers do, but some want to use a broker and I'm not sure why....

It would save them a lot of money to just call the company directly.

I mean really though for the most part, brokers are just going to suggest what gets them the most commission right? Why wouldn't they?

Seriously no disrespect meant and I hope it doesn't sound that way, but I don't get it.
 
i have a fico score of 785 according to countrywide when i spoke about a refi to a 5 yr ARM IO. they gave me the my current int rate (5.75%) and closing costs of 4500.

i do'nt think this is a good deal, is it? this was just three days ago.
 
Quote from niteflite:

i have a fico score of 785 according to countrywide when i spoke about a refi to a 5 yr ARM IO. they gave me the my current int rate (5.75%) and closing costs of 4500.

i do'nt think this is a good deal, is it? this was just three days ago.
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What's the amount being financed? Is it cash out or just rate and term?? Also, what makes you want an ARM I/O? You planning on selling soon or something?
 
Quote from Reaver:

What's the amount being financed? Is it cash out or just rate and term?? Also, what makes you want an ARM I/O? You planning on selling soon or something?
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P.S. What's your LTV? Also, no 5.75% is not good for an ARM, you can get a fixed rate for lower than that. That would be good if you were talking about a fixed rate I/O, but not for an ARM I/O.
 
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